HII Ingalls Shipbuilding Inc. Hourly Employees ... - Benefits Connect

HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan
Summary Plan Description
March 2011
If you are not vested and you experience a break in service that lasts five or more years, you will
forfeit your years of vesting, benefit and points service associated with:
• Your after-tax contributions if you withdraw them and do not repay them (with interest)
upon rehire, and
• Your pre-tax FSSP Retirement Account deposits if you withdraw them.
You will forfeit your benefit service as indicated below if you experience five consecutive
break-in-service years after you are vested, or if your break in service is less than five years
(whether or not you are vested):
• You forfeit your benefit service associated with any after-tax contributions you made to
the Plan between July 15, 1967 and January 31, 1987, if you withdraw those
contributions and do not repay them (with interest) upon rehire
• You forfeit your benefit service associated with your FSSP Retirement Account deposits if
you withdraw those deposits upon retirement. (You will not have an opportunity to repay
your deposits and restore your service under the Plan.)
Service Retained or Restored
If you experience five consecutive break-in-service years after you are vested, or if your
break in service is less than five years (whether or not you are vested), you retain your years
of service as indicated below:
• You retain your vesting service and points service
• You retain your benefit service associated with any after-tax contributions you made to
the Plan between July 15, 1967 and January 31, 1987 if:
⎯ You leave those contributions in the Plan
⎯ You withdraw your contributions but repay them (with interest) upon rehire
• You retain your benefit service associated with your FSSP Retirement Account deposits if
you leave those deposits in the Plan.
Repayment of Contributions
If you are not vested and you experience a break in service that lasts five or more years, you
must redeposit your withdrawn after-tax contributions (with interest) in order to restore your
years of vesting, benefit and points service based on those contributions.
If you experience five consecutive break-in-service years after you are vested, or if your
break in service is less than five years (whether or not you are vested), you must redeposit
your withdrawn after-tax contributions (with interest) in order to restore your years of benefit
service based on those contributions.
In either situation, your redeposit must be made in a single lump sum within five years from
your date of rehire or five years after you made the withdrawal, whichever is earlier.
Keep in mind that if you withdraw your FSSP Retirement Account balance, you will not have
an opportunity to redeposit your deposits and restore your service under the Plan.
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